Forest Development Corporation N.w.f.p 1980

FOREST DEVELOPMENT CORPORATION N.-W. F. P. ORD. No. II
OF 1980.
14.       1(1) The Corporation shall be deemed to be a local authority within the meaning of the Local Authorities Loans Act, 1914 (IX of 1914), for the purpose of borrowing money under that Act, and the making or execution of any scheme under this Ordinance shall be deemed to be a work which such authority is legally authorised to carry out:
Provided that no foreign loan shall be obtained by the Corporation without the previous sanction of the Federal Government, and no other loan shall be obtained by it without the previous sanction of Government.
2(2) The Corporation shall be a local authority as shall always be deemed so within the meaning of the Income Tax Ordinance, 1979 (XXXI of 1979), for the purpose of claiming exemption of its income from the tax chargeable under that Ordinance, under section 14 thereof, read with item (57) of the second schedule appended thereto.)
15.       The Corporation shall be deemed to be a bank for the purpose of the Bankers Books Evidence Act, 1891.
16.       (1) The Corporation may keep money in any treasury, sub-treasury or a bank as may be prescribed.
(2) Nothing in sub-section (1) shall be deemed to preclude the Corporation form investing any such moneys which are not required for immediate expenditure in any of the securities described in section 20 of the Trusts Act, 1882 (II of 1882), or in such other manner as it may deem fit.
17.       (1) The Corporation shall prepare its annual budget estimates and work plan and submit the same to Government by the prescribed date and Government may modify the said estimates or plan to such extent as it may consider necessary.

1. Accounts of the receipts and expenditure of the Corporation shall be kept in such form as may be prescribed.
2. The Corporation shall, within three months of the close of each financial year, place before Government the annual statement of accounts and audited balance sheet, profit and loss account and the auditor's report, for the preceding financial year both of the Corporation and the limited or subsidiary companies referred to in section 10 (2).

18.       (1) The accounts of the Corporation shall be audited by Chartered Accountants within the meaning of the Chartered Accountants Ordinance, 1961 (Ord. X of 1961), and appointed by the Board on such remuneration as, it may think fit.

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